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Georgia Common Environmental Concerns – FREE 3 Hr CE

January 26 @ 3:00 pm - 6:00 pm UTC+0

Free
Radon, Mold, Asbestos, Lead, Drug Labs – what is it?

Georgia Common Environmental Concerns

FREE 3 HR CE Taught by: Mark Thompson of House Master

Radon, Mold, Asbestos, Lead, Drug Labs – what is it? Don’t be afraid of the unknown. This course will educate the realtor on common environmental concerns, how to mitigate and save that sell.

For questions about the class contact: Sophie Coty sophie.coty@housemaster.com

For questions about registration contact: Heidi Kelly RosterCEAdmin@eAGENTweb.com

(GREC School #7538) offers this course for CE credit. Students must be on time & stay through the entire course for CE credit. Students may only receive CE credit for any specific class number once every 12 months. We encourage all people to continue the growth of their businesses through education. In such spirit, Maximum One Realty offers numerous opportunities each month for increased awareness through training. Check out the training calendar: www.registerforREclasses.com then select a geographic area. ALL agents are welcome to attend.

Details

Date:
January 26
Time:
3:00 pm - 6:00 pm UTC+0
Cost:
Free
Event Category:
Website:
https://www.eventbrite.com/e/georgia-common-environmental-concerns-free-3-hr-ce-tickets-487797203567

Venue

Maximum One – Woodstock/Cherokee
2370 Towne Lake Parkway, Suite 100
Woodstock, GA 30189 United States

Real Estate Market Update: Understanding the Impacts of Recession Signals and Jobless Claims

Real Estate Backstory is your weekly update for real estate news, changes, and trends relevant to the Atlanta area and surrounding markets. Topics covered this week include:

  • Recession does not mean falling prices.
  • U.S. pending home sales index.
  • Atlanta area rail expansion planned.
  • Homeownership difficulties and regrets.
  • Mortgage rates continue to trend down.
  • 2023 FHA single family loan limits for metro Atlanta.
  • Mortgage rate spread should normalize.
  • Home buying demand collapses.
  • Competition returns to pre-pandemic trends.

The following is a synopsis of the latest episode of ” The Real Estate Backstory.” You can watch the video in its entirety below.

Who is the Conference Board?

The Conference Board is a leading research group in the US that provides information on the economy and other important topics. In December, they reported a decline in economic activity, which could be a warning sign of a recession. However, this does not mean that people should panic. In this blog post, we will discuss what this means for the US economy and what to expect in the near future.

Jobless Claims are Improving

Despite the decline in economic activity, the jobless claims in the US are at pre-pandemic levels, which is a positive sign for the economy. This is particularly good news for the real estate market, as employment is a major driver of the real estate market.

Impact on Real Estate

The decline in economic activity does not mean that real estate prices will fall or that the market will crash. However, it does mean that there will be more negotiation power for buyers and sellers. It also means that interest rates will start to moderate, which will balance out the market.

Pending Home Sales are Trending Up

In January, pending home sales started trending up again. This is a positive sign for the real estate market, as it shows that there is still interest in buying homes.

Rail Expansion in Atlanta

There is also some exciting news for the Atlanta area, as there are plans for a rail expansion that will connect Atlanta and Dallas. This will help reduce traffic and boost the local economy.

Conclusion

In conclusion, the decline in economic activity reported by the Conference Board is a warning sign of a potential recession, but it does not mean that the US economy is in trouble. Jobless claims are improving, real estate prices are stable, and pending home sales are trending up. The rail expansion in Atlanta is also a positive sign for the local economy. Overall, the US economy is in a good place, and there is no need to panic.

Watch the entire video for more information here:

 

The ‘Magic Words’ You Should Use To Make A Clause Survive Closing

The Georgia Association of REALTORS (GAR) will release their NEW contract package on 1/1/2023! Do you want the FIRST LOOK at what the changes include? Watch this series of videos “2023 GAR Changes” and register for our FREE 3 hr CE classes (for Georgia Real Estate Licensees) and be among the first to know of these changes! The following is a synopsis of the latest episode of “Real Estate Made Crystal Clear” with our very own Dana Sparks. You can watch the video in its entirety below.

The Georgia Association of Realtors (GAR) has made a minor addition to the Purchase and Sale Agreement regarding the Survival Clause. This post will discuss the change made to the Survival Clause in 2023 and briefly explain what it means for a provision or paragraph to survive a contract.

What is the Survival Clause in a Contract

The Survival Clause in a contract specifies terms or specific provisions of the contract that will remain in effect and enforceable even after the contract has been fully executed and closed. If it does not say that it survives the closing, it is not enforceable after the closing.

What are the New Additions to the Survival Clause in 2023

In the GAR Contract Package, there are eight specific items that survive the closing of a contract. The addition made in 2023 is the Buyer’s Indemnification Obligations arising out of the inspection of the property by the buyer and buyer’s representatives. This references a brand new paragraph in the Purchase and Sale Agreement regarding the buyer’s inspection of the property.

The ‘Magic Words’

When you are contracting for something that was not itemized, you need to add this magic phrase: “This provision shall survive closing.” If you add that magic phrase to the end of something that a buyer and a seller agree for contractually in a special stipulation in an amendment then that kicks in that provision of the survival clause and that would be enforceable. In effect, parties would be obligated to perform on that even after closing. The exact language used for these magic words can vary depending on the specific contract, but they are commonly found in survival clauses in purchase and sale agreements. It’s important to consult a lawyer or real estate professional for the proper use of magic words in a contract.

The Survival Clause in a contract is important to understand as it specifies the terms that remain enforceable even after the contract has been closed. The GAR has made a new addition to the Survival Clause in 2023 regarding the Buyer’s Indemnification Obligations arising from the inspection of the property. Understanding the changes to the GAR Purchase and Sale Agreement and the provisions that survive the closing of a contract can be valuable information for real estate agents.

Watch the entire video for more information here:

Understanding Your Credit Score: What You Need to Know to Get the Best Rates

Real Estate Backstory is your weekly update for real estate news, changes, and trends relevant to the Atlanta area and surrounding markets. Topics covered this week include:

  • Old school manners still matter!
  • We discuss Zillow’s predictions for the hottest markets of 2023.
  • Mortgage rates continue to decrease while applications increase.
  • How to get your credit score over 800.
  • We look at current market trends.
  • Homebuilders continue to slow.
  • U.S. homebuilders file federal lawsuit against EPA new waters rule.
  • Top claim against agents: failure to disclose.

The following is a synopsis of this week’s discussion about the importance of your credit score when buying a home. You can watch the entire episode here or hit the video below to watch the portion discussing credit and raising your credit score.

The State of Credit Scores in America

The average FICO score in the U.S is 716 which is considered a strong number. Nearly half of Americans have a credit score of 750 or higher, a big jump from just 10 years ago. This is a healthy sign for the real estate market as Americans are taking their credit scores seriously.

Misconceptions about Credit Scores

However, there are still misconceptions about credit scores. Only two-thirds of borrowers know that the amount of money invested in the stock market does not impact their credit score. Similarly, only 47 percent of borrowers know that the mortgage companies will check their credit and employment on the day of closing. This can have serious consequences as deals can fall through if the borrower’s credit or employment status changes.

How to Raise Your Credit Score to 800 and Above

To raise your credit score to 800 and above, it is important to pay your bills on time. On-time payments account for 35-40% of your credit score. Managing credit utilization, keeping credit accounts open, and having a mix of different types of loans can also help improve your credit score.

Additionally, it’s important to note that credit scores above 800 are the best rate you’re going to get. Having your score above 800 will put you in really good shape with lower interest rates and better terms.

In conclusion, understanding your credit score and how to improve it is crucial to securing the best rates on mortgages and other loans. By paying bills on time, managing credit utilization, keeping credit accounts open, and having a mix of different types of loans, you can increase your credit score and secure the best rates on mortgages and other loans.

Understanding The Beretta Act And Its Impact On Real Estate Transactions In Georgia

The Georgia Association of REALTORS (GAR) will release their NEW contract package on 1/1/2023! Do you want the FIRST LOOK at what the changes include? Watch this series of videos “2023 GAR Changes” and register for our FREE 3 hr CE classes (for Georgia Real Estate Licensees) and be among the first to know of these changes! The following is a synopsis of the latest episode of “Real Estate Made Crystal Clear” with our very own Dana Sparks. You can watch the video in its entirety below.

What is the Beretta Act?

Understanding the different types of agency relationships in real estate transactions is crucial for both agents and clients. The Beretta Act, also known as OCGA 10-6a-1, is a Georgia law that governs brokerage relationships in real estate transactions. It states that if a buyer and seller have not signed a seller brokerage agreement or a buyer brokerage agreement, they are each solely responsible for protecting their own interests, and the broker’s role is limited to performing ministerial acts for that party.

Changes to the Beretta Act in 2023

In 2023, the Beretta Act will be updated to include a provision that states that if the same brokerage firm is representing one party as a client and working with the other party as a customer, the broker and all of their affiliated licensees are representing the client. Additionally, the act includes a section on consent to dual agency, requiring that the buyer and seller both consent to the same and the dual agency disclosure is disclosed throughout a myriad of forms.

Types of Agency and Potential Pitfalls

There are three main types of agency: single agency, dual agency, and designated agency. Single agency is when the public has signed a separate brokerage agreement with the broker and the broker has a client relationship with that party. Dual agency is when the broker has a client relationship with both the buyer and the seller, and there’s only one agent working with both sides. Designated agency is when one broker and two agents have signed with the buyer and the seller, each of whom have signed a buyer of brokerage agreement.

It’s important to note that while dual agency is legal with disclosure and consent, many brokers have a policy against it. Therefore, it’s crucial for agents to check with their broker’s policy and make sure to disclose and get consent from both parties, even if their broker only has a relationship with one party as a client and the other as a customer. To avoid potential dual agency situations, agents should consider turning it into a designated agency situation with the public’s consent. By understanding these different types of agency relationships and following proper protocol, agents can ensure that all parties involved are aware of their roles and responsibilities in the transaction.

Watch the entire video for more information here:

Easy Seller Hacks for Kick-Out Clauses Everyone Needs to See

Everyone wants to make their life easier, and “life hacks” are popular all over the internet today. What about seller hacks? We’ve got some great suggestions! There are a lot of buyers out there that MUST sell their current home before they can close on the sale of a new home. However, this could put your sellers in a challenging situation. Let’s talk through a few things that could happen, and how you can use this scenario to not only help your seller close but also to have a binding backup contract as well! Let’s jump in. 

You’re representing a seller, and they have a buyer that thinks that their house is THE ONE. However, this buyer can’t close on the seller’s house before selling the home they currently own. It’s on the market, and there’s a little bit of interest, but they don’t have anyone under contract at the moment. To protect your seller who still wants to go under contract with them, you need to include a sale or lease contingency exhibit in the contract for the buyer, or a kick-out clause. 

What is a kick-out clause? A kick-out clause is part of a seller’s contract that allows the seller to continue to market their property to get another buyer. If another buyer (we’ll call them buyer two) comes through with a better offer, the seller can go to buyer one to see if they can fulfill their end of the contract. If they cannot, then they will get their earnest money back and their contract will be null and void. Buyer 2 can now move forward with purchasing the property. 

Let’s talk this through a little bit. Sally is selling her house, and Gina has decided it’s perfect and she would like to buy it. However, Gina must sell her current home before she can close on the purchase of Sally’s house. Sally agrees to this but negotiates with Gina to add in a kick-out clause. Sally continues to show her house, eventually catching the eye of Clark. Clark makes an offer to Sally to purchase the home, but he doesn’t have any contingencies on his contract.

Sally then goes back to Gina and lets her know she has another interested party with no contingencies. Gina can then choose to go forward with her contract, or terminate the contract. With the kick-out clause, the contract is terminated, Gina gets her earnest money back and Sally can close on the sale of her property with Clark. 

Now, how can you make this kick-out clause seller hack useful for both you and your seller? 

Seller Hack #1: Active – Under Contract

While your property is technically not available and cannot be promoted as such in the MLS because you have a binding contract with an active buyer, you can still promote it to actively pursue other buyers. How do you do this? Simply put your property’s status as active – under contract. This signals to other agents that although you have a contract with a buyer, you have a kick-out clause and the property could be sold to another buyer. 

As an agent, you may continue to market the property as active on your social media pages. You should indicate that the property is under contract, but with a kick-out clause. You cannot mislead co-op agents or other buyers, but you can generate extra interest in a property.

Seller Hack #2: Completely negotiate a binding backup contract with your second buyer. 

If you have a property that is under contract and a second buyer shows interest, you can generate a binding backup contract with your second buyer, in case the first buyer backs out or cannot fulfill the contingencies on their contract. 

It is incredibly important that you get a binding backup contract from your second buyer. If you go back to the first buyer, and they’re not ready to proceed with their contract and back out, you run the risk of your second buyer backing out of the sale, leaving you at square one. However, if you do get a binding backup contract and buyer one backs out, you can slide right in with your backup offer and happily close the contract. 

To add a kick-out clause to your contracts, use form 601 in the GAR, also called the Sale or Lease of Buyers Property Contingency Exhibit. In the RE forms contract package, the form you’ll be looking for is the RE251, or Sale or Lease Contingency Exhibit. Don’t forget we have some great classes on the GAR Contract Package updates for 2023, you can take a deep dive in our CE classes

Use these seller hacks to create more interest in a property, and develop backup plans for your sellers. In your MLS, you can also take advantage of the reverse prospecting tools to find backup buyers for your sellers! These are some tried and true “seller hacks” that will give your sellers their best chance at a great contract for their property. 

Are you ready to maximize your commission and take your real estate career to the next level? Join Maximum One Realty today! 

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